实体企业金融化对其OFDI的影响研究

Research on the Impact of Entity Enterprises Financialization on Their OFDI

文章基于中国上市公司数据以及Zephyr和fDi Markets数据,考察了实体企业金融化对其OFDI的影响。研究发现,实体企业金融化水平的提高会显著增加其对外直接投资的概率和规模,且这种影响会因企业所有权性质、金融资产种类和经济周期的不同而存在显著差异,金融化水平的提高也使企业更倾向于选择跨国并购模式。实体企业金融化通过缓解杠杆压力、补充现金流和降低融资约束,有效促进了企业对外直接投资,并降低了OFDI的非效率水平。金融化与OFDI的交互作用会显著提高企业的创新能力与生产效率,并在过度金融化的企业中效应更强。在目前企业“走出去”加快和金融化程度日益加深的双重背景下,中国应积极引导企业根据自身条件和资产配置情况合理选择对外直接投资,理性配置金融资产,并为企业提供多层次资本市场体系和金融支持。

Based on the data of Listed Companies in China and Zephyr and FDI Markets,this paper investigates the impact of entity enterprises financialization on their OFDI.It is found that the improvement of the financial level of entity enterprises will significantly increase the probability and scale of their outward foreign direct investment,and this impact will be significantly different due to the nature of enterprise ownership,the types of financial assets and economic cycle.The improvement of the financial level also makes enterprises more inclined to choose the mode of cross-border mergers acquisitions.By alleviating leverage pressure,supplementing cash flow and reducing financing constraints,entity enterprises financialization promotes enterprises’outward foreign direct investment and reduces the non efficiency level of OFDI.The interaction between financialization and OFDI will significantly improve the innovation ability and production efficiency of enterprises,and have a stronger effect on the over-financialized enterprises.Under the dual background of accelerating the"going out"of enterprises and deepening the degree of financialization,China should actively guide enterprises to reasonably choose outward foreign direct investment according to their own heterogeneous conditions and asset allocation,rationally allocate financial assets,and provide enterprises with multi-level capital market system and financial support.